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New car


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Sorry if there is already a car thread. I searched but couldn’t find one.

Anyway, I am in the market for a new car. My current lease ends in August. I have an Acura MDX. I called the Acura dealership today and was blown away by their offer. They will take in my current MDX, credit me the mileage I am under on my current lease, waive disposition fees, and lease me a new MDX for $1,100 total drive off and $365 a month. To get to this price, they are discounting the vehicle by $12,500. 
 

I can’t imagine I can do better this. The monthly is essentially 0.8 percent of the MSRP. Is there anything else I should be thinking about? Other cars I should consider? Other concessions I should ask them to make? They claim the price isn’t negotiable, which makes sense given that they are offering to take $12,500 off the MSRP. And the price they are offering is way lower than what Acura corporate is offering.

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2 hours ago, wopphil said:

Sorry if there is already a car thread. I searched but couldn’t find one.

Anyway, I am in the market for a new car. My current lease ends in August. I have an Acura MDX. I called the Acura dealership today and was blown away by their offer. They will take in my current MDX, credit me the mileage I am under on my current lease, waive disposition fees, and lease me a new MDX for $1,100 total drive off and $365 a month. To get to this price, they are discounting the vehicle by $12,500. 
 

I can’t imagine I can do better this. The monthly is essentially 0.8 percent of the MSRP. Is there anything else I should be thinking about? Other cars I should consider? Other concessions I should ask them to make? They claim the price isn’t negotiable, which makes sense given that they are offering to take $12,500 off the MSRP. And the price they are offering is way lower than what Acura corporate is offering.

if you like the MDX, then take the deal. sounds like they want your business.

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1 hour ago, st1ckboy said:

I've never understood the point of leasing a car unless your workplace is paying for it. What are the benefits of it?

Lots of reasons. First, you aren’t committed. You are tied in for three years, and if you don’t love the car, you walk away after three years.

Second, your monthly payment is way lower.

Third, assuming you keep leasing, your car will always be new and under warranty. No mechanical problems.

Fourth, it can be cheaper in the long run. For example, if you lease a car with a good money factor (the interest rate), you can pay it down while borrowing at a lower interest rate while the car is at its most expensive. When the lease is up, you can then buy it like any other used car.

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8 hours ago, wopphil said:

Lots of reasons. First, you aren’t committed. You are tied in for three years, and if you don’t love the car, you walk away after three years.

Second, your monthly payment is way lower.

Third, assuming you keep leasing, your car will always be new and under warranty. No mechanical problems.

Fourth, it can be cheaper in the long run. For example, if you lease a car with a good money factor (the interest rate), you can pay it down while borrowing at a lower interest rate while the car is at its most expensive. When the lease is up, you can then buy it like any other used car.

Still doesn't seem to make sense financially. My current car l purchased had 0% interest and now is completely paid off so l have no payment at all.

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27 minutes ago, st1ckboy said:

Still doesn't seem to make sense financially. My current car l purchased had 0% interest and now is completely paid off so l have no payment at all.

Leasing makes sense when you own a business and can write it off as an expense.

Like Phil said you get a new car every 2 years.

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15 minutes ago, Redondo said:

Leasing makes sense when you own a business and can write it off as an expense.

Like Phil said you get a new car every 2 years.

I get that. In my first post I mentioned the exception for when it's a company car.

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1 hour ago, st1ckboy said:

Still doesn't seem to make sense financially. My current car l purchased had 0% interest and now is completely paid off so l have no payment at all.

Yeah, but you can’t always get zero percent, and if it took you four or five years to pay off the car, it probably is no longer under warranty. Plus, your payments to purchase were higher.

I agree that leasing isn’t always the best choice from a purely financial perspective (long term, at least). But IMO, the other benefits make it worth considering. In my case, getting a brand new, nice SUV for $365 a month is a pretty good financial move.

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5 hours ago, wopphil said:

Yeah, but you can’t always get zero percent, and if it took you four or five years to pay off the car, it probably is no longer under warranty. Plus, your payments to purchase were higher.

I agree that leasing isn’t always the best choice from a purely financial perspective (long term, at least). But IMO, the other benefits make it worth considering. In my case, getting a brand new, nice SUV for $365 a month is a pretty good financial move.

Driving a car that does not require monthly payments allowing you to put your $365.00 a month into an index fund is a better financial move, IMO.

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Warranties benefit the dealership and/or insurer as they definitely aren't losing money.  The only car I ever bought brand new I put 0 down, paid 0% interest and paid less than $365 a month.  I drove that car for 6+ years after it was paid off and the only maintenance expenses were standard things like oil changes, brakes, tires, etc.  My current car was certified pre-owned, 3 years old when I bought it with under 26K miles on it and included the remaining term of the original warranty.  It will be paid off in 18 months and I'm in the eligbra camp as I look forward to not having that payment which I will invest.  If having a new car every few years and having it covered by warranty is what you want the deal offered sounds good. 

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9 hours ago, Sully151 said:

My biggest issue with leases is the mileage limits. I drive way more than 10-15k a year.

I would be totally screwed. I average roughly 18,000 miles per year. My work commute alone is 50 miles per day. I would be putting on over 12,000 miles even if I never went anywhere else.

Edited by Vegas Halo Fan
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I think the whole lease vs buy thing is similar to the people buy new phones or keep their old phones.  Especially in today's car.  Just from year to year, there are so many tech advances to cars.  While on one hand you can say, my car is paid off, no more payments, but you could have repair bills and you don't get the latest tech.  On the other hand, you can say I have lower payments, no repair bills, and my car practically can drive itself.  But I don't own it.  Factor in, that if you buy a quality car, it can last a good 10-15 years.  There are definite benefits in both ways of buying a car.  Heck, I even have a friend that won't buy anything but a used car.  He'll look for a deal on a used car, drive it for a year or two, then flip it for about the same price he paid for it.  

As for Wopphil's question.  JMO, but options are the key.  As I said, technology in cars changes yearly.  So look at the options of what the new MDX has, look at a few other brands and see what they offer in gas mileage, collision, auto braking, engine stop (more of a hybrid thing, but might be going mainstream, I haven't looked for a new car in a few years so don't even know if this is a thing anymore), entertainment system, auto parking, etc.  It's all minor, but some might be pretty important to you, and if it doesn't have it then maybe it's not as good of a deal.  

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On 6/27/2020 at 5:45 AM, st1ckboy said:

Still doesn't seem to make sense financially. My current car l purchased had 0% interest and now is completely paid off so l have no payment at all.

not gonna lie, buddy, it's the sweetest ride in my hood. my neighbors always stop what they're doing and point at you whenever you drive by. I think it's because of envy.

 

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I am currently driving a built up 2008 Jeep with over 200k miles and it gets about 14 mpg.

i am thinking about going EV and keeping the Jeep for fun. 
 

When the world was normal, I was filling up twice a week or about $450 a month on gas.

The problem is EV’s are changing sooo quickly. 

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